News from June 2024
NCUA reports Q1 decline in assets for federally insured credit unions
By Globe Banner | Jun 17, 2024
ALEXANDRIA, Va. (June 17, 2024) – For federally insured credit unions, assets and shares and deposits declined at the median over the year ending in the first quarter of 2024. At the same time, loans outstanding increased and delinquencies grew at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.
Morocco enhances climate resilient irrigation amid severe water stress
By Globe Banner | Jun 17, 2024
Morocco, one of the world's most water-stressed countries, faces significant fluctuations in water availability due to climate change. This has led to declining rainfall, reduced runoff, and increased groundwater depletion. A large portion of Morocco's water resources is consumed by irrigated agriculture. To address this issue, Morocco has implemented the National Program of Water Savings in Irrigation, which aims to modernize irrigation on approximately 550,000 hectares, including 220,000 hectares covered by large-scale irrigation plans.
WTO explores strategies against global illicit trade
By Globe Banner | Jun 17, 2024
Illicit trade harms societies and impedes economic growth and development. It undermines legitimate business activity, fosters corruption, and denies governments potential tax revenue needed to invest in society. This is why the WTO Secretariat, under the leadership of Director-General Ngozi Okonjo-Iweala, has been examining how WTO rules help members address some of the challenges posed by such trade.
U.S. Virgin Islands sees economic contraction amid falling exports and investments
By Globe Banner | Jun 17, 2024
The U.S. Bureau of Economic Analysis (BEA) reported a 1.3 percent decline in the real gross domestic product (GDP) for the U.S. Virgin Islands (USVI) in 2022, following a 3.7 percent increase in 2021.
World Bank Group addresses barriers in South Asia's mortgage lending
By Globe Banner | Jun 15, 2024
"My dream is very simple—owning a tiny apartment. It doesn’t have to be extravagant or luxurious, but with basic amenities that I can call home,” says Sakib Ahmed, a 31-year-old from Dhaka, Bangladesh.
Biden proclaims June 2024 as Pride Month recognizing LGBTQI+ achievements
By Globe Banner | Jun 15, 2024
During Pride Month, the United States recognizes the courage and contributions of the Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex (LGBTQI+) community.
World Bank Group initiates stakeholder consultations for new partnership framework in Pakistan
By Globe Banner | Jun 14, 2024
The World Bank Group (WBG) is in the process of preparing a new Country Partnership Framework (CPF) for Pakistan, which will outline its strategic support in the country over the next 6-10 years.
World Bank highlights informal Lao PDR waste workers' contribution
By Globe Banner | Jun 14, 2024
The important and often unrecognized work of individuals who collect and recycle waste from landfill sites or city streets in the Lao PDR is documented in a report issued by the World Bank today. "Unseen Green Jobs, a Study on Informal Waste Workers" details the role of waste pickers in building a green economy and recommends actions to protect them against dangers and improve their legal status.
Côte d'Ivoire receives $35M payment for verified reduction of carbon emissions
By Globe Banner | Jun 14, 2024
Côte d'Ivoire has received $35 million from the World Bank for successfully reducing 7 million tons of carbon emissions. This payment, part of the Emission Reductions Payment Agreement (ERPA) with the World Bank’s Forest Carbon Partnership Facility (FCPF), directly benefits local communities and forest conservation stakeholders who have played a key role in reducing pollution by fixing damaged forests, planting crops and trees, and preserving existing forests. The amount granted is part of a larger agreement aiming for a total emission reduction of 10 million tons, valued at...
NCUA places 1st Choice Credit Union into conservatorship
By Globe Banner | Jun 14, 2024
The National Credit Union Administration (NCUA) has placed 1st Choice Credit Union in Atlanta, Georgia, into conservatorship. This decision was made in consultation with the Georgia Department of Banking and Finance.
Advanced SPS Course follow-up session concludes in Geneva
By Globe Banner | Jun 14, 2024
The follow-up session of the Advanced SPS Course concluded in Geneva on June 14, 2024. The event featured presentations where participants shared their action plan objectives, achievements, and lessons learned from implementation. Group discussions led by WTO SPS experts and coaches addressed mitigating implementation challenges, the role of the WTO SPS Committee, specific trade concerns, and SPS disputes. These activities allowed participants to reflect on strategies to maintain positive results and strengthen their understanding of the SPS Agreement and related transparency...
World Bank suggests structural reforms to sustain China's economic growth
By Globe Banner | Jun 14, 2024
Economic activity in China picked up in early 2024, driven by stronger exports, while growth in domestic demand moderated. Manufacturing and infrastructure investment and consumer spending on services remained robust, despite the ongoing property market correction, according to the World Bank's latest report titled "Growing Beyond Property: Cyclical Lifts and Structural Challenges," released today.
World Bank approves $50 million for Cameroon's transport sector development
By Globe Banner | Jun 14, 2024
The World Bank has approved $50 million in additional financing from the International Development Association (IDA) to support the construction of urban roads in Bamenda, located in Cameroon's North-West region. This funding is part of the Cameroon Transport Sector Development Project, which aims to enhance transport planning, improve efficiency and safety on the Babadjou–Bamenda section of the Yaoundé–Bamenda transport corridor, and bolster safety at selected airports.
WIPO-WTO executive program concludes first edition focusing on intellectual property issues
By Globe Banner | Jun 14, 2024
Participants were welcomed by WIPO Deputy Director General Lisa Jorgenson and WTO Deputy Director-General Johanna Hill. Both underscored the importance of capacity-building initiatives jointly supported by both organizations.
Montenegro accepts WTO fisheries subsidies agreement
By Globe Banner | Jun 14, 2024
Montenegro has formally accepted the Agreement on Fisheries Subsidies, marking a significant step towards sustainable fishing practices. Director-General Okonjo-Iweala commented, “I am delighted that Montenegro has formally accepted the Agreement on Fisheries Subsidies. Montenegro's embrace of this agreement signals its dedication to aligning its fishing practices with sustainability objectives. This decisive step emphasizes the importance of collective action in safeguarding our oceans for generations to come and shows Montenegro's commitment to the multilateral trading...
World Bank approves $150 million to enhance primary education in Punjab
By Globe Banner | Jun 14, 2024
The World Bank’s Board of Executive Directors has approved $150 million for a project aimed at increasing participation rates in pre-primary and primary grades and enhancing reading proficiency in Punjab Province, Pakistan. The initiative, titled "Getting Results: Access and Delivery of Quality Education Services in Punjab Project" (GRADES), will focus on improving learning outcomes, recovering from COVID-19 related learning losses, strengthening school management, and expanding school participation levels.
Working Party Chair meets Somalian president to discuss WTO accession
By Globe Banner | Jun 14, 2024
The roundtable on the economic dimensions of peacebuilding was organized by the Federal Government of Somalia and Interpeace, an international organization focused on preventing violence and building lasting peace.
World Bank approves $40M program supporting refugees' aid & economic reforms in Moldova
By Globe Banner | Jun 14, 2024
The World Bank's Board of Executive Directors approved the Growth and Resilience Development Policy Operation (DPO) for the Republic of Moldova. This initiative aims to support the Moldovan government's efforts to assist refugees and households affected by Russia’s invasion of Ukraine, while maintaining progress on economic integration with the European Union (EU) and enhancing climate resilience.
World Bank Group addresses CAO investigation into Bridge International Academies
By Globe Banner | Jun 13, 2024
The World Bank Group issued a statement today regarding the IFC's investment in Bridge International Academies. The statement, released on behalf of Bank Group management and the IFC’s Board of Executive Directors, addressed concerns raised by a CAO investigation report.
World Bank mandates HSBC for $200 million Amazon reforestation bond
By Globe Banner | Jun 13, 2024
The World Bank (International Bank for Reconstruction and Development, IBRD) has mandated HSBC to structure a new outcome bond aimed at supporting reforestation efforts in the Brazilian Amazon region. This principal-protected outcome bond, with an expected nominal amount of approximately $200 million, will support the World Bank’s sustainable development activities while mobilizing private capital from foregone coupon payments to finance reforestation projects in Brazil.